Arras Minerals allies with Teck Resources to focus on critical minerals in Kazakhstan

The strategic alliance does not include the Beskauga copper-gold project, nor the regional exploration licenses Stepnoe, Ekidos, Aimandai, and Elemes.

Highlights:

• Teck to solely fund generative exploration work through 2025 with initial expenditures of US$5 million before 31 December 2025, across Package A and Package B totalling approximately 1736 km².
• Following the initial generative exploration phase, Teck will have the option to select up to four designated properties, totalling 120 km² each, where Teck will fund exploration expenditures of up to US$47.5 million per project to have the right to earn up to a 75% interest in each project.
• Teck will reimburse Arras for certain project related expenses made to date by Arras through a US$1 million cash payment on signing and potentially other payments in the future should Teck elect to advance through future phases.
• Arras will act as manager for the initial year of the two-year generative program with Teck holding the option to assume the role of manager thereafter.

Tim Barry, CEO, comments:

“As an early-mover into Kazakhstan two and a half years ago, following the substantial reforms to the business environment and mining law, Arras has assembled the third-largest land package in the country next to Rio Tinto and Fortescue and is specifically focused on copper in the highly prospective Bozshakol-Chingiz magmatic arc. We recently completed our second summer field season across the regional license package and are now analysing more than 50 000 soil samples we have collected across the approximately 3300 km² license package. This programme was based on the successful 2022 field programme where more than 16 000 soil samples identified new targets to follow up.

“We believe that the exploration work we have undertaken over the past two summer field seasons representing in most cases the first material modern exploration work done across these licenses since pre-1990, have delineated substantial prospects for a material copper discovery, akin to the successful operations of the Bozshakol and Nurkazgan mines located within the same geological belt.”

Darren Klinck, President, comments:

“We are very pleased to be partnering and working with Teck to advance a portion of our regional license package in Kazakhstan. Following their strategic equity investment into Arras last November, this agreement provides Teck the option to invest significant funds into critical minerals focused exploration through Arras’ project portfolio and it is a clear indication of the potential that exists in the Bozshakol-Chingiz Magmatic Arc. This initiative in Kazakhstan highlights the emerging opportunities in the country and also demonstrates Kazakhstan’s strong position to be a key player globally as the world seeks to secure the necessary critical minerals required over the coming decades.”

Read the article online at: https://www.globalminingreview.com/mining/11122023/arras-minerals-allies-with-teck-resources-to-focus-on-critical-minerals-in-kazakhstan/